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Richard Brown wrote: >> There's a limit to how simple an accounting package can be when dealing >> with the needs of a business. Double-entry can seem daunting but it does >> prevent problems later. > Is there anywhere that explains double-entry bookkeeping please? Simple as > possible. Every transaction comes from somewhere and goes somewhere else. When you are paid for your work, that money comes from Income and gets paid into your current account (Bank). When you spend money, that money goes from Bank to an Expense. Double entry means that the one transaction has two entries, one for each direction. You can view the same transaction from either end - open Income/Salary and you'll see the amount that your employer has been debited. Open Bank/Current and you'll see the amount that has been deposited in the bank. It's the same money, just double views. You don't get money that appears from nowhere - just as you don't in real life - which is what it can look like in "simplistic" applications like Quicken that use categories. More info: the gnucash docs are excellent - install gnucash-docs as well as gnucash Also available online during the current updates: http://www.gnucash.org/docs.phtml > Should I have bank reconciliation please? Yes. That's simply matching your Bank/Current view against the statement from the bank itself. It's good practice, it ensures that your figures are valid and it shows up any errors at the bank too. -- Neil Williams ============= http://www.data-freedom.org/ http://www.nosoftwarepatents.com/ http://www.linux.codehelp.co.uk/
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